Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2024
[Japanese GAAP]May 14, 2024
Company name: YOKOWO CO.,LTD.
Stock exchange listing: Tokyo
Code number: 6800
URL: https://www.yokowo.co.jp/
Representative: Takayuki Tokuma

Representative Director, President and Executive Officer
Executive Officer,SCI (Sustainability & Corporate Integrity)
H.Q.Chief Officer

Contact: Toshihisa Tagaya

Phone: +81-3-3916-3111
Scheduled date of Annual General Meeting of Shareholders: June 27, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Scheduled date of filing annual securities report: June 27, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
March 31, 2024
76,895(1.4)
1,617(65.9)
3,710(34.6)
1,511(52.0)March 31, 2023
77,962
16.6
4,739
1.2
5,675
(13.1)
3,147(32.5)(Note) Comprehensive income:Fiscal year ended March 31, 2024:¥
4,255 million [6.6%]
Fiscal year ended March 31, 2023:¥
3,992 million [(35.5) %]Basic earnings per Diluted earnings per Rate of return on
share
share
equityOrdinary profit tototal assets ratio

Yen
Yen
%
Fiscal year ended
March 31, 2024
64.86
3.1
March 31, 2023
135.01
6.9(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

Operating profit to
net sales ratio

%

%

5.0
8.3
¥
¥

2.1
6.1
(31) million(688) million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

76,40870,656
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

50,38447,22450,303 million
47,156 million

Net assets per share

%

Yen

65.8
66.7

2,157.96
2,022.92(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

4,823
7,312

(5,125)(5,857)

(260)
1,531

18,702
17,6871

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Fiscal year ended

Yen

Yen

Yen

Yen

March 31, 2023

-

25.00

-

25.00

50.00

March 31, 2024

-

22.00

-

22.00

44.00

-

24.00

-

24.00

48.00

Payoutratio

Total
dividends(consolidated)

Yen Millions of yen

Dividends
to netassets(consolidated)

%

%

1,165

37.0

2.5

1,095

67.8

2.1

Fiscal year ending
March 31, 2025

44.8

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2024 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of parent
share
Six months ending
September 30, 2024
Full year

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

40,000

8.7

1,800

-

1,000

(41.2)

650(32.2)

27.88

81,150

5.5

4,550

181.2

3,750

1.1

2,500

65.4

107.25* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No(Company name:New)
Exclusion:(Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
23,849,878 shares
March 31, 2023:
23,849,878 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
539,008 shares
March 31, 2023:
538,928 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:

23,310,894 shares
23,311,021 shares

2

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

62,48562,171

0.5
8.9(2,505)2,168(19.6)

366
5,391(93.2)
(2.8)

(97)
2,928

(28.5)

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

(4.19)
125.63-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

53,36752,916
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

30,75831,51230,758 million
31,512 million

Net assets per share

%

Yen

57.6
59.6

1,319.50
1,351.85*This quarterly financial report is not subject to quarterly review by a certified public accountant or an audit corporation.
*Explanation of the proper use of financial results forecast and other notes
The forward-looking statements such as the forecasts of financial results stated in this document are based on theinformation currently available to the Company and certain assumptions that the Company judges as rational. Thesestatements are no guarantees of future performance. Actual results may differ materially from the forecast depending on a
range of factors. For a discussion of the assumptions and other factors considered by the Company in preparing projections,please refer to page8 of the attachments, “1. Overview of Operating Results, etc., (4) Future Outlook.”3

Contents of Attachments
1. Overview of Operating Results, etc. . .......................................................................................... 5(1) Overview of Operating Results ....... ...................................................................................... 5(2) Overview of Financial Position... ...................................................................................... 7(3) Overview of Cash Flows... ...................................................................................... 7(4) Future Outlook... ...................................................................................... 8

2. Basic Policy for the Selection of Accounting Standards .............................................................. 9
3. Consolidated Financial Statements... ...................................................................................... 10

Consolidated Balance Sheets... ...................................................................................... 10

Consolidated Statements of Income and Comprehensive Income.............................................. 12
Consolidated Statements of Changes in Net Assets ................................................................... 14
Consolidated Statements of Cash Flows .................................................................................... 16
Notes to Consolidated Financial Statements .............................................................................. 17(Notes on going concern assumptions) .................................................................................. 17(Segment and Other Information) ... ...................................................................................... 17(Per share information)... ...................................................................................... 22(Significant Subsequent Events)... ...................................................................................... 224

1. Overview of Operating Results, etc(1) Overview of Operating Results
Effective from the first quarter of the consolidated fiscal year under review, the Company has changed the classifications andnames of its reporting segments as follows.
「VCCS（Vehicle Communication Comfort & Safety）」:
Former 「Vehicle Communication Equipment」-「Platform Business」「CTC（Circuit Testing Connector）」: Former 「Circuit Testing Connector」「FC（Fine Connector） / MD（Medical Device）」:
Former 「Personal Communication Equipment」-「Advanced Devices Business」「Incubation Center」:「Platform Business」+「Advanced Device Business」
For more information, please refer to “4. Matters related to changes in reporting segments” under (5) Notes to Quarterly
Consolidated Financial Statements (Segment and Other Information) of 3. Quarterly Consolidated Financial Statements.
Net sales in the consolidated fiscal year under review amounted to ¥76,895 million, a decrease of 1.4% year-on-year, reflecting
decreased year-on-year sales in both CTC and FC・MD segment, despite increased year-on-year sales in VCCS segment. The
Company reported an operating profit of ¥1,617 million, a decrease of 65.9% year-on-year, reflecting decreased profit in FC・
MD segment while decreased sales and a loss in CTC and Incubation Center segment, which is focused on new business, although
VCCS segment profitability had been improved significantly. Ordinary profit decreased by 34.6% year-on-year, to ¥3,710 million,
reflecting an exchange gain of ¥2,099 million attributable to the weakening of the yen. Profit attributable to owners of the parent
decreased by 52.0% year-on-year, to ¥1,511 million reflecting due to a decreased in ordinary profit and a reversal of deferred tax
assets, leading to an increase in the tax burden ratio.
＜VCCS＞ (Core product: Antenna for Vehicle)
In the automotive market, the main market for this segment, sales are improved as the global shortages of semiconductors andcomponent supply stagnation eased, although reduced production by some of customer during the fourth quarter of theconsolidated fiscal year under review. A breakdown by region shows that the number of units sold in the United States, China, andthe Japanese market increased.
In these circumstances, mainstay products for automobile manufacturers, such as shark fin antennas and GPS antennas,
increased year-on-year by the weakening of the yen and increasing production of automobile manufacturers.
As a result, sales for this segment increased year-on-year, to ¥55,583 million (up 20.6% year-on-year). The segment reported a
profit of ¥3,100 million (a loss of ¥1,701 million in the previous fiscal year), due to increased profit associated with an increase insales, decreased physical distribution costs by low ocean freight rates, and collection of cost increases, despite increased production
volume and high labor costs at production bases in China and Vietnam associated with the strengthening of the local currencies.
＜CTC＞ (Core Product: Semiconductor Testing Socket and Probe Card)
In the semiconductor testing market, the main market for this segment, testers related to generative AI suddenly attracted
attention and sold well. However, demand for PCs and smartphones declined significantly, and demand for servers was weak. This
resulted in inventory adjustments by semiconductor manufacturers and curbs on capital investment.
In these circumstances, sales of jigs for semiconductor back-end testing, the mainstay product of the Group, decreased year-onyear, due to a decrease in orders for logic semiconductor testing sockets. Sales of jigs for semiconductor front-end testing decreased
year-on-year because of lower sales in both the turnkey business which offers one-stop solutions services including peripheraldevices, and MEMS probe cards (YPX) for high-frequency electronics components testing.
As a result, sales for this segment decreased year-on-year, to ¥12,585 million (down 43.7% year-on-year). The segment reported
a loss of ¥794 million (a gain of ¥6,169 million in the previous fiscal year), due to decreased profit associated with a decrease insales, despite curb on expenses including labor costs.

5

＜FC・MD＞ (FC Core Product: Fine spring connector for electronics) (MD Core Product: Medical devices and units)
In the market for mobile communication terminals, a key market for this segment, sales of wearable terminals are expected to
grow given their diversification and greater sophistication. However, unit shipments of smartphones were on a downward trend
due to the economic downturn. Demand for POS terminals was slow down, although the POS terminal market had been growing
steadily in a wide range of industries, including those engaging in logistics and manufacturing, with a view toward improvements
in operational efficiency through information management.
In these circumstances, sales for FC business, for which fine spring connectors act as core products, decreased year-on-year,
reflecting a decrease in sales of POS terminals, and a decrease in sales of a product for wearable devices, such as wireless earbuds,
due to customer's production adjustment.
In MD business, sales increase year-on-year due to strong sales of catheter components for a major domestic medical device
manufacturer which is a major customer.
As a result, sales for this segment decreased year-on-year, to 8,373 million (down 7.5% year-on-year). The segment reported a
profit of ¥117 million (down 85.2% year-on-year) chiefly owing to decreased profit associated with a decrease in sales in FC
business, a higher labor cost ratio at production sites in China mainly due to a strong yuan, and changes in the business structure.
＜Incubation Center＞ (Core Product: Antenna and providing solutions for MaaS/IoT)
The Company has been engaged in full-scale business development efforts, aiming to create new businesses and innovate
business models for new growth markets such as MaaS, and IoT as well as optical communication market for higher-speed andlarger-capacity communication. Due to organizational changes implemented during the first quarter of the consolidated fiscal year
under review, development in these new business fields was split off from existing operating departments and classified under
Incubation Center as a new reporting segment comprising Platform Business and Advanced Device Business. The MaaS/IoT
market, which is a key market for this segment, is expected to grow steadily, reflecting the advance of mobility including car
sharing, and the widespread adoption of IoT connecting everything through the Internet.
In these circumstances, Platform business has made progress in expanding sales of MIMO antennas utilizing smart antenna
technologies for IoT, and vehicle key management solutions for MaaS and rental cars. For Advanced Device business, which
includes the segment, the Company has developed systems for the mass production of optical connector products utilizing
photoelectric conversion device technologies for the optical communications market.
As a result, sales for this segment decreased year-on-year, to 345 million (down 19.7% year-on-year). The segment reported aloss of ¥811 million (a loss of ¥534 million in the previous fiscal year), because the segment, which is in the early stages of its
development, generates sales at a small scale and involves up-front investment.
Consolidated Net Sales by Business Segment (year on year)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Increase/(decrease)(Million yen)

(Million yen)

(%)

VCCS

46,08955,583＋20.6

CTC

22,374

12,585(43.7)

FC・MD

9,051

8,373

(7.5)

Incubation Center

430

345

(19.7)

Other

16

7

(54.9)

77,962

76,895

(1.4)

Total

Consolidated Net Sales by Business Segment (Fiscal year ended March 31, 2024)
1st quarter-end
Apr. – Jun.

2nd quarter-end
Jul. – Sep.

3rd quarter-end
Oct. – Dec.

4th quarter-end
Jan. – Mar.

(Million yen)

(Million yen)

(Million yen)

(Million yen)

VCCS

12,77913,711

15,07014,022

CTC

3,415

2,772

2,994

3,403

FC・MD

1,873

2,030

2,155

2,314

110

97

88

49

Incubation Center

2

1

1

1

18,181

18,613

20,30919,791

Other
Total

6

(2) Overview of Financial Position(Assets)
Assets stood at ¥76,408 million in the fiscal year ended March 31, 2024 under review (a gain of ¥5,751 million in the end of
the previous fiscal year). This was due primarily to increases of ¥1,015 million in cash and deposits, ¥778 million in tradereceivables, ¥1,677 million in property, plant and equipment, ¥827 million in other investments. The increase in trade receivables
is mainly due to increased sales in VCCS segment driven by increased order. In addition, the increase in property, plant andequipment is mainly attributable to increased building and structures for the operational launch of the MP Center, a technology
building newly established within Tomioka plant.
(Liabilities)
Liabilities stood at ¥26,023 million in the fiscal year ended March 31, 2024 under review (a gain of ¥2,592 million from theend of the previous fiscal year) due to increases of ¥354 million in short-term borrowings, ¥1,500 million in long-term borrowings(including payable within one year), and ¥555 million in lease obligations. The increase in lease obligations mainly reflected anincrease in leased fixtures for the operational launch of the MP Center.
(Net assets)
Net assets amounted to ¥50,384 million in the fiscal year ended March 31, 2024 under review (a gain of ¥3,159 million fromthe end of the previous fiscal year). This primarily reflects an increase of ¥1,957 million in foreign currency translation adjustment,
the recording of profit attributable to owners of the parent of ¥1,511 million, and dividends paid of ¥1,095 million.
(Equity ratio)
The equity ratio was 65.8% in the fiscal year ended March 31, 2024 under review (down 0.9 point from the end of the previous
consolidated fiscal year).
(3) Overview of Cash Flows
Cash and cash equivalents came to ¥18,702 million at the end of the consolidated fiscal year under review, up ¥1,014 million
year on year.
(Cash flows from operating activities)
Net cash provided by operating activities was ¥4,823 million (a decrease in net cash provided of ¥2,489 million year on year),
attributable to inflows include profit before income taxes of ¥3,311 million and depreciation of ¥4,013 million, despite outflows
included a decrease in trade payables of ¥1,780 million caused by a decrease in purchases of components, etc. in CTC segments
and other negative factors.
(Cash flows from investing activities)
Net cash used in investing activities was ¥5,125 million (a decrease in net cash used of ¥732 million year on year), primarily
due to outflows such as purchase of property, plant and equipment of ¥3,917 million, mainly attributable to the construction of MP
center, and inflow such as purchase of intangible assets of ¥865million.
(Cash flows from financing activities)
Net cash provided by financing activities was ¥260 million (inflows of ¥1,531 million in the previous fiscal year), chiefly owing
to inflows such as proceeds from long-term borrowings of ¥1,500 million, despite outflows such as dividend paid of ¥1,090 million.

7(4) Future Outlook
The following are our assumptions for the results forecast for the fiscal year ending March 31, 2025.
・In the automobile market, the main market for the Company, a full-scale recovery in production at automobile manufacturers
are expected to be continued until the fiscal year ending March 31, 2025 because normalizing the global shortage ofsemiconductor , although production adjustment for some customer.
・In the semiconductor testing market, the downturn that developed from the second half of the fiscal year ended March 31,
2023 has been bottomed out as well as demand for semiconductor testing related to generative AI is expected to continue toincrease.
・In the market for mobile communication terminals, stagnation of the sale of POS terminals and other electronic terminals
caused by the global recession is expected to be recovered with customers’ liquidating excess inventory.
・In the advanced medical equipment market, demand for minimally invasive medical procedures using catheters and similar
products is expected to grow steadily.
・In the MaaS/IoT market, steady growth is expected, reflecting the advance of mobility solutions and widespread adoptionof IoT.
Based on these assumptions, our forecasts for net sales and each profit for the six months (First half) and the full-year are shownin the table below.
We base our performance forecasts below on an exchange rate of ¥145 against US$➀ Forecasts for the first six months of the fiscal year (first half)
Our forecast for net sales for the first half is shown in the table below. This reflects an expected rise in customers’ automobile
production in VCCS segment as in the fiscal year ended March 31, 2024, and an expected year-on-year increase in sales in CTC
segment and FC, MD segment due to an anticipated market recovery in these segments.
Our forecast for operating profit is shown in the table below. This is based on an expected improvement in earnings in VCCS
segment and anticipated moves into profitability in CTC segment and FC, MD segment.
Our forecasts for ordinary income and profit attributable to owners of parent are as shown in the table below, which incorporate
a foreign exchange loss of ¥750 million based on an exchange rate of ¥145 against US$.
➁ Full-year forecasts
Our forecast for net sales for the full-year is shown in the table below. The forecast assumes that the Company will expand its
business fields in testing for both front-end and back-end processes of semiconductor manufacturing in CTC segment, thereby
tapping into new demand. Additionally, the Company plans to commence mass production of new products for the venture
ecosystem in MD business of FC, MD segment in the latter half of the fiscal year.
Our forecast for operating profit for the full-year is shown in the table below. This is based on expected stable earnings in the
VCCS segment during the first half of the fiscal year and an anticipated increase in profit due to an improvement in orders in CTC
segment in the second half of the fiscal year.
Based on our assumptions of an exchange rate of ¥145 against US$ and no foreign exchange gain or loss from the second halfof the fiscal year ending March 31, 2025, our forecasts for ordinary income and profit attributable to owners of parent are as shownin the table below.

8Consolidated Financial Results for the six months ended September 30, 2023 and Forecast for the six months ending September
30, 2024（Unit：Million yen, %）Consolidated Financial
Results for the six months
ended September 30, 2023
(Million yen)

Consolidated Financial
Forecast for the six
months ending
September 30, 2024

Increase/(decrease)

Increase/(decrease)(Million yen)(%)

(Million yen)

Net Sales

36,79440,000＋3,205＋8.7

VCCS

26,491

27,700＋1,208

＋4.6

CTC

6,188

7,500

＋1,311

＋21.2

FC・MD

3,903

4,650

＋746

＋19.1

Incubation Center

207

150

(57)

(27.8)

Others・Adjustments

4

－

－

－

Operating profit

(120)

1,800

＋1,920

－

VCCS

717

1,700

＋982

＋137.1

CTC

(461)

250

＋711

－

FC・MD

(46)

300

＋346

－

Incubation Center

(337)

(450)

(112)

－

7

－

－

－

1,701

1,000

(701)

(41.2)

958

650

(308)

(32.2)

Others・Adjustments
Ordinary profit
Profit attributable toowners of parent

Consolidated Financial Result for the fiscal year ended March 31, 2024 and Forecast for the Fiscal Year Ending March 31, 2025
（Unit：Million yen, %）Consolidated Financial
Forecast for the fiscal
year ending March 31,
2025

Consolidated Financial
Results for the fiscal year
ended March 31, 2024
(Million yen)

Increase/(decrease)

Increase/(decrease)(Million yen)(%)

(Million yen)

Net Sales

76,895

81,150＋4,254＋5.5

VCCS

55,58355,650

＋66

＋0.1

CTC

12,585

15,500＋2,914

＋23.2

FC・MD

8,373

9,650

＋1,276＋15.3

Incubation Center

345

350

＋4

＋1.2

Others・Adjustments

7

－

－

－

Operating profit

1,617

4,550

＋2,932＋181.2

VCCS

3,100

3,450

＋349

＋11.3

CTC

(794)

1,200

＋1,994

－

FC・MD

117

700

＋582

＋495.8

Incubation Center

(811)

(800)

＋11

－

6

－

3,710

3,750

＋39

＋1.1

1,511

2,500

＋988

＋65.4

Others・Adjustments
Ordinary profit
Profit attributable toowners of parent
2. Basic Policy for the Selection of Accounting Standards

The Group will continue to use the Japanese standard in the foreseeable future but will discuss adopting the IFRS, taking into
consideration national and international movements, among other things.

9

3.Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

17,687
12,35018,702
13,129Merchandise and finished goods
Work in process

7,781
427

8,445
470

Raw materials and supplies
Other

6,073
2,040

5,860
2,563

Allowance for doubtful accounts

(4)

(3)

46,35549,16910,433(5,176)

13,696(5,872)

Buildings and structures, net

5,256

7,823

Machinery, equipment and vehicles
Accumulated depreciation

16,482(10,988)

18,373(12,742)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Right-of-use assets

5,493

5,630

12,485(9,708)13,504(11,047)

2,776

2,456

761

761

1,790
(1,070)

1,744
(945)

720

798

702

1,218

Construction in progress

2,366

1,065

Total property, plant and equipment

18,077

19,754

1,210

1,642

Intangible assets
Other
Total intangible assets

1,210

1,642

Investments and other assets
Investment securities

1,979

2,673

Retirement benefit asset
Deferred tax assets

466
901

1,114
450

Other

1,666

1,603

Total investments and other assets

5,013

5,841

24,30027,23870,656

76,408

Total non-current assets
Total assets

10

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

6,483
5,804

6,310
6,158

Lease liabilities
Income taxes payable

348
515

438
518

Provision for bonuses
Current portion of long-term borrowings

956
-

904
1,600

Other

3,781

3,696

Total current liabilities

17,89019,625

Non-current liabilities
Long-term borrowings

4,600

4,500

Lease liabilities
Deferred tax liabilities

427
105

893
436

Retirement benefit liability
Other

402
6

547
20

Total non-current liabilities

5,541

6,398

23,431

26,023

Shareholders' equity
Share capital

7,819

7,819

Capital surplus
Retained earnings

7,804
28,001

7,804
28,418

Total liabilities
Net assets

Treasury shares

(634)

(635)

Total shareholders' equity

42,99043,407

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment

645

1,084

3,506

5,463

Remeasurements of defined benefit plans

13

348

4,165

6,896

68

80

47,22450,38470,656

76,408

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

11(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Net sales
Cost of sales

77,962
63,067Gross profit

14,894

11,977

Selling, general and administrative expenses

10,155

10,359Operating profit

4,739

1,617

63

126

61
1,519

67
2,099

Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other

76,89564,918

164

145

1,808

2,439

112

236

688

31

28
42

30
48

873

346

5,675

3,710

Gain on liquidation of subsidiaries
Gain on sale of non-current assets

10
6

12

Gain on sale of investment securities

22

8

Total extraordinary income

40

20

Loss on retirement of non-current assets
Loss on sale of non-current assets

41
2

42
0

Business restructuring expenses
Settlement payments

220
153

303
-

Impairment losses

863

72

Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodCommission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income

Extraordinary losses

1,281

419

Profit before income taxes

Total extraordinary losses

4,433

3,311

Income taxes - current
Income taxes for prior periods

1,487
3

1,028
275

Income taxes - deferred

(209)

493

Total income taxes

1,280

1,797

Profit

3,153

1,513

6

1

3,147

1,511

Profit attributable to non-controlling interests
Profit attributable to owners of parent

12

Consolidated Statements of Comprehensive Income(Millions of yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income

For the fiscal year
ended March 31, 2024

3,153

1,513

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

214
877

439
1,967

Remeasurements of defined benefit plans, net of tax

(253)

335

Total other comprehensive income

838

2,741

Comprehensive income

3,992

4,255

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

3,979

4,243

12

11

13

(3) Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity

Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodShare capital

Capital surplus

7,819

7,804

Retainedearnings

Treasury shares

Total
shareholders'equity(634)

40,93925,950(1,095)(1,095)

3,147

3,147
(0)

(0)

-

-

2,051

(0)

2,051

7,819

7,804

28,001(634)

42,990

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulated Non-controlling Total net assets
difference oninterests
translationof defined
otheravailable-foradjustment
benefit plans comprehensive
sale securities
incomeBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period

430

2,635

267

3,332

56

44,328(1,095)
3,147
(0)
214

871

(253)

832

12

844

214

871

(253)

832

12

2,896

645

3,506

13

4,165

68

47,22414

For the fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity

Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodShare capital

Capital surplus

7,819

7,804

Retainedearnings

Treasury shares

Total
shareholders'equity(634)

42,99028,001(1,095)(1,095)

1,511

1,511
(0)

(0)

-

-

416

(0)

416

7,819

7,804

28,418(635)

43,407

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulated Non-controlling Total net assets
difference oninterests
translationof defined
otheravailable-foradjustment
benefit plans comprehensive
sale securities
incomeBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period

645

3,506

13

4,165

68

47,224(1,095)
1,511
(0)
439

1,957

335

2,731

11

2,743

439

1,957

335

2,731

11

3,159

1,084

5,463

348

6,896

80

50,38415

(4) Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended March 31, 2024

For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes

4,433

3,311

3,833
863

4,013
72

(3)
79

(1)
(68)

(119)

(19)

(124)
112

(193)
236

Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets

(663)

(977)

688

31

(4)
41

(11)
42

Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables

(22)
1,538

(8)
738

Decrease (increase) in inventories
Increase (decrease) in trade payables

2,263(2,652)728(1,780)Depreciation
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit asset andliability
Interest and dividend income
Interest expenses

Other, net

(468)

345

Subtotal

9,795

6,457

Interest and dividends received

124

193

Interest paid
Income taxes paid

(105)
(2,501)(235)(1,593)

Net cash provided by (used in) operating activities

7,312

4,823

(4,645)71(3,917)14

Purchase of intangible assets
Purchase of investment securities

(591)
(105)

(865)
(110)

Short-term loan advances
Proceeds from sale of investment securities

(80)
32

(245)
8

Payments into time deposits
Purchase of shares of subsidiaries and associates

(525)

(0)
(26)

Long-term loan advances
Proceeds from collection of long-term loans
receivable
Other, net

(70)

-

10

10

45

7

(5,857)(5,125)

Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings

3,000

(173)
1,500

Repayments of lease liabilities
Dividends paid

(374)
(1,093)(497)(1,090)(0)(0)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents

1,531

(260)

882

1,577

3,870

1,014

Cash and cash equivalents at beginning of period

13,816

17,687

Cash and cash equivalents at end of period

17,687

18,702

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

Net cash provided by (used in) investing activities
Cash flows from financing activities

Purchase of treasury shares

16

(5) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumptions)Not applicable.
(Segment and Other Information)
1

Segment information
Reporting segments of the Group are individual units for which separate financial information is available and that are subject
to a periodic review by the Board of Directors for the purposes of evaluating performance and determining the allocation of
resources.
Building on the foundation of business divisions by product, which are result management units, the Group’s reportablesegments are categorized into four, namely VCCS, CTC, FC/MD, and Incubation Center, based on criteria such as proximate target
markets and manufacturing technologies. Effective from the first quarter of the consolidated fiscal year under review, the Company
has changed the classifications and names of its reporting segments. Details of the changes are listed under “4. Matters related tochanges in reporting segments.”
To respond to the basic needs of vehicle antennas that they are smaller, more complex, have a lower profile and support smart
technologies, VCCS segment has developed and supplied antenna systems that use modularization technologies in addition toantenna and microwave technologies. Also note that up until the previous fiscal year, VCCS segment disclosures were included inthe Vehicle Communication Equipment segment.
To respond to the testing needs for semiconductors which increased performance, higher density and higher integration, CTC
segment utilizes MEMS technology in addition to micro-precision processing technologies and microwave technologies,
developing and supplying testing connectors for semiconductors globally in every area from front-end testing to back-end testing.
Also note that up until the previous fiscal year, CTC segment made disclosures as the Circuit Testing Connector segment.
The FC business, which is included in FC/MD segment, manufactures and sells fine spring connectors with diversification andmulti-function for mobile communication terminals. In addition, the MD business designs, develops, manufactures, and supplies
OEM guide wires, medical catheters, and other equipment that helps with minimally invasive medical procedures. Also note thatup until the previous fiscal year, FC/MD segment disclosures were included in the Personal Communication Equipment segment.
The Platform Business, which is part of the Incubation Center segment, works to develop more advanced and high value-added
strategic products in new fields including advanced driving assistance systems (ADAS), autonomous driving, and connected cars.
In addition, the Advanced Device Business supplies high-speed transmission device products that boast versatility and originality
to the optical communications market, with the aim of achieving high-speed, high-capacity communications. Also note that up
until the previous fiscal year, disclosures for the Platform Business were made as part of the Vehicle Communication Equipment
segment, and disclosures for the Advanced Device Business were made as part of the Personal Communication Equipment segment.

2

Method of measurement for the amounts of net sales and profit (loss) for each reportable segment
The accounting methods for reportable segments are mostly the same as the accounting standards used in preparing quarterly
consolidated financial statements. Reported segments’ profit is based on operating profit. Also, inter-segment sales and transfers
are valued at market prices.

17

3

Sales, profit or loss, assets, liabilities, and other items by reportable segment

Fiscal year ended March 31, 2023
（Unit：Million yen）
Reportable segment
VCCS

CTC

FC・MD

Incubation
Center

Total

Intersegment
Other(Note 2) transactions(Note 3)Total

Net Sales
13,603

1,476

3,054

430

18,56416－

18,58021,055

4,464

880

－

26,400－－26,40011,43016,433

5,116－

32,980－－32,980

Revenue from contracts withcustomers

46,08922,3749,051

430

77,946

16－

77,962

Sales to third parties

46,08922,3749,051

430

77,946

16－

77,962

－

－

－

－

－

421

(421)

－

46,08922,3749,051

430

77,946437(421)

77,962

Segment profit or loss

(1,701)

6,169

795

(534)

4,728

0

10

4,739

Segment profit

42,266

17,6838,328

437

68,71695

1,844

70,656

2,040

1,249

524

17

3,831

1

－

3,833

Japan
Europe and America
Asia

Inter-segment
and transfers

transactions

Total

Other items
Depreciation

Increase ofproperty, plant and equipment
2,702
2,265
472
7
5,447
0
5,448
－
& Intangible assets
Notes：
1 The total segment profit is the same as the operating profit on the quarterly consolidated statement.
2 The Others category is a business segment not included in reportable segments and includes the temporary staffing business and otherbusinesses.
3 Adjustments to segment assets mainly include long-term investment funds (investment securities), etc.
4 The reconciling amounts for inter-segment sales and transfers are a method for the elimination of inter-segment transactions.
Fiscal year ended March 31, 2024
（Unit：Million yen）
Inter-

Reportable segment
VCCS

CTC

FC・MD

Incubation
CenterTotal

segment
Other(Note2) transactions

Total(Note 3)

Net SalesJapan17,177

1,377

3,695

345

22,596

7－

22,603

Europe and America

26,317

3,158

980

0

30,456－－30,456

Asia

12,089

8,048

3,697

－

23,835－－23,835

Revenue from contracts withcustomers

55,583

12,5858,373

345

76,888

7－

76,895

Sales to third parties

55,583

12,5858,373

345

76,888

7－

76,895

－

－

－

－

－

475

(475)

－

55,583

12,5858,373

345

76,888483(475)

76,895Inter-segment
and transfers

transactions

Total

18

Inter-Reportable segment
VCCS

CTC

FC・MD

Incubation
CenterTotal

segment
Other(Note2) transactions

Total(Note 3)

Segment profit or loss

3,100

(794)

117

(811)

1,611

0

6

1,617

Segment profit

43,374

19,355

10,174973

73,877101

2,428

76,408

1,804

1,698

450

57

4,011

1

－

4,013

Other items
Depreciation

Increase ofproperty, plant and equipment
2,363
1,574
723
80
4,741
4,741
－
－
& Intangible assets
Notes：
1 The total segment profit is the same as the operating profit on the quarterly consolidated statement.
2 The Others category is a business segment not included in reportable segments and includes the temporary staffing business and otherbusinesses.
3 Adjustments to segment assets mainly include long-term investment funds (investment securities), etc.
4 The reconciling amounts for inter-segment sales and transfers are a method for the elimination of inter-segment transactions.
4Matters related to changes in reporting segments
The Incubation Center, which was established with the aim of accelerating the launch of new businesses due to the organizationalchanges implemented during the first quarter of the consolidated fiscal year under review, has been newly classified as a reportablesegment. The Platform Business which had been a part of the Vehicle Communication Equipment segment until the previous fiscal
year, and the Advanced Device Business which had been part of the Personal Communication Equipment segment up until thattime have been transferred to the Incubation Center.
In addition, due to the organizational changes implemented during the first quarter of the consolidated fiscal year under review,
the segment names have been changed to names used for internal management. As a result, Vehicle Communication Equipment
has been renamed to VCCS, Circuit Testing Connector to CTC, and Personal Communications Equipment to FC/MD. There are
no changes to the details of businesses other than those that were transferred to the Incubation Center.
Segment information for the third quarter of the previous fiscal year was prepared based on the classification of reportablesegments after the change is disclosed.

19

【Related Information】
Fiscal year ended March 31, 2023
1. Information by products and services
Since the Group makes reports based on a management approach having business divisions by product as the foundation, thisinformation is omitted.
2. Information by areas① Net Sales（Unit：Million yen）
Japan

Europe and America

18,580Asia

26,400Total
32,98077,962

Notes：
1 Regions are segmented based on their geographical proximity.
2 Countries or regions included in each section are as follows.
(1) Europe and the United States: United States, Britain, Germany, France and others(2) Asia: Hong Kong, Singapore, Malaysia, Taiwan, China, South Korea, Thailand, Vietnam and others
3 Overseas sales are sales posted by the Company and consolidates subsidiary in countries or regions other than Japan.
4 Sales in Europe and the United States includes sales in the United States amounting to 23,248 million yen.
5 Sales in Asia includes sales in Taiwan amounting to 9,124 million yen.
② Property, plant and equipment（Unit：Million yen）
Japan

Europe and America
7,194

Asia

367

Total
10,515

18,077

Notes：
1 Regions are segmented based on their geographical proximity.
2 Countries or regions included in each section are as follows.
(1) Europe and the United States: United States, Britain and Germany(2) Asia: Hong Kong, Singapore, Malaysia, Taiwan, China, South Korea, Thailand, Vietnam and Philippines
3 Sales in Asia includes sales in China amounting to 2,500 million yen, Vietnam amounting to 3,121 million yen, Malaysia
amounting to 2,512 million yen and Philippines amounting to 2,318 million yen.

3. Information by main customer(Unit：Million yen)
Name of the customer

Sales

Toyota Motor North America, Inc.

Associated segment
10,040

VCCS[Information on impairment losses for non-current assets in reportable segments]
Reportable segment
VCCS
Impairment
losses863

CTC

Incubation
center

FC・MD
－

－

Total

－

[Information on amortization of goodwill and unamortized balance by reportable segment]
No item to report.
[Information on gain on bargain purchase by reportable segment]
No item to report.

20

863

Others

Total
－

863

Fiscal year ended March 31, 2024
1. Information by products and services
Since the Group makes reports based on a management approach having business divisions by product as the foundation, thisinformation is omitted.
2. Information by areas① Net Sales（Unit：Million yen）
Japan

Europe and America

22,603

Asia

30,456

Total
23,83576,895

Notes：
1 Regions are segmented based on their geographical proximity.
2 Countries or regions included in each section are as follows.
(1) Europe and the United States: United States, Britain, Germany, France and others(2) Asia: Hong Kong, Singapore, Malaysia, Taiwan, China, South Korea, Thailand, Vietnam and others
3 Overseas sales are sales posted by the Company and consolidates subsidiary in countries or regions other than Japan.
4 Sales in Europe and the United States includes sales in the United States amounting to 26,813 million yen.
② Property, plant and equipment（Unit：Million yen）
Japan

Europe and America
8,314

Asia

409

Total
11,02919,754

Notes：
1 Regions are segmented based on their geographical proximity.
2 Countries or regions included in each section are as follows.
(1) Europe and the United States: United States, Britain and Germany(2) Asia: Hong Kong, Singapore, Malaysia, Taiwan, China, South Korea, Thailand, Vietnam and Philippines
3 Sales in Asia includes sales in China amounting to 2,558 million yen, Vietnam amounting to 3,247 million yen, Malaysia
amounting to 2,574 million yen and Philippines amounting to 2,502 million yen.

3. Information by main customer(Unit：Million yen)
Name of the customer

Sales

Toyota Motor North America, Inc.

Associated segment
12,565

VCCS[Information on impairment losses for non-current assets in reportable segments]（Unit：Million yen）
Reportable segment
VCCS
Impairment
losses

CTC
72

Incubation
center

FC・MD
－

－

Total

－

[Information on amortization of goodwill and unamortized balance by reportable segment]
No item to report.
[Information on gain on bargain purchase by reportable segment]
No item to report.

21

Others
72

Total
－

72

(Per share information)（Unit：yen）
Fiscal year ended March 31, 2023 Fiscal year ended March 31, 2024
Net assets per share
Basic earnings per share

2,022.92

2,157.96

135.0164.86

Notes:The basis for calculation of Basic earnings per share are as follows.

Fiscal year ended March 31, 2023 Fiscal year ended March 31, 2024
Basic earnings per share
Profit attributable to owners of parent (million yen)

3,147

1,511

Amount not belonging to common shareholders(million yen)－－

Profit attributable to owners of parent regarding
common stock (million yen)

3,147

1,511

Average number of common stock during the fiscal year
(thousand shares)

23,311

23,310Notes:
There are no diluted net earnings per share to report.
(Significant Subsequent Events)
No item to report.

22